A groundbreaking ceremony has been held to mark the start of construction work on a new home for the Whitney Museum of American Art in New York, US.

The attraction has confirmed that it has already raised US$508m (£308m) towards the total US$720m (£436.5m) cost of the Renzo Piano-designed scheme. Forming part of a public-private regeneration of Manhattan, the new 200,000sq ft (18,581sq m) museum building is to be constructed on a site acquired from the City of New York.

It is due to be the city's first certified LEED-Silver art museum and will feature 50,000sq ft (4,645sq m) of indoor gallery space to show more of the Whitney's 19,000 artworks. A 18,000sq ft (1,672sq m) temporary exhibition space is to be offered, while two floors are to house permanent collections. A 13,000sq ft (1,208sq m) outdoor space is also planned.

Other facilities will include an education centre; a multi-use black box theatre for film and video performances; a 170-seat theatre; and a conservation lab, as well as a retail shop. New York mayor Michael Bloomberg said: "The new Whitney Museum will be New York City's newest world-class cultural destination in one of the city's most dynamic locations.

"Positioned at the foot of the High Line in the Meatpacking District, the museum will strengthen the ongoing revitalisation of an area that is fast-becoming one of the most vibrant in New York City." The new Whitney Museum of American Art is due to open in 2015.

Image courtesy Renzo Piano Building Workshop in collaboration with Cooper, Robertson and Partners